The CPI experienced a drop of 0.2% compared to the month of April 2024 This variation is the result of the drop of 0.7% in the food products index and the increase of 0.4% in the non-food products index.
The downward trend in inflation confirmed. This is what emerges from the latest HCP statistics. In detail, the inflation rate recorded a clear drop during the first 5 months of 2024. In May 2024, food prices were down by -1.2% compared to May 2023. Furthermore, The IPC recorded, in May 2024, an increase of 0.4% compared to the same month of 2023, according to the High Commission for Planning (HCP).
This increase is the consequence of the increase in the index of non-food products of 1.7% and the drop in that of food products of 1.2%, explains the HCP in its recent information note relating to the CPI.
For non-food products, the variations range from a drop of 1.2% for “Health” to an increase of 3.2% for “Restaurants and hotels”, specifies the same source.
Compared to April 2024, the CPI saw a decrease of 0.2%. This variation is the result of the 0.7% drop in the food products index and the 0.4% increase in the non-food products index.
The declines in food products observed between April and May 2024 mainly concern “Fish and seafood” with 5.7%, “Milk, cheese and eggs” with 2.1%, “Oils and fats” with 2%. , “Fruits” with 0.3%, “Bread and cereals” with 0.2% and “Coffee, tea and cocoa” with 0.1%.
On the other hand, prices increased by 0.8% for “Meat” and by 0.2% for “Vegetables”. For non-food products, the increase mainly concerned “Gas” prices with 12.3%. The largest declines in the CPI were recorded in Al Hoceima with 1%, in Kénitra with 0.8%, in Fez with 0.7%, in Oujda with 0.5%, in Tétouan, Tangier and Settat with 0.2% and in Casablanca, Meknes and Errachidia with 0.1%. On the other hand, increases were recorded in Guelmim with 1.0%, in Laâyoune with 0.7%, in Marrakech and Dakhla with 0.3% and in Agadir and Beni-Mellal with 0.2%.
Under these conditions, the underlying inflation indicator, which excludes products with volatile prices and products with public prices, would have experienced an increase of 0.1% during the month of May 2024 compared to the month of April 2024 and 2.2% compared to May 2023.
